Mackenzie Financial Corp Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Key Points

• Mackenzie Financial Corp increased its holdings in Microchip Technology by 11.5%, owning 51,943 shares valued at $2.5 million after purchasing an additional 5,339 shares in Q1.
• Numerous institutional investors also raised stakes in Microchip Technology, with Barrow Hanley Mewhinney & Strauss LLC increasing their holdings by 273.2% during the fourth quarter.
• Analysts have set varying price targets for Microchip Technology shares, with Morgan Stanley raising theirs from $39 to $50 and Susquehanna increasing theirs from $60 to $90.

Mackenzie Financial Corp grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 11.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,943 shares of the semiconductor company's stock after purchasing an additional 5,339 shares during the quarter. Mackenzie Financial Corp's holdings in Microchip Technology were worth $2,515,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in Microchip Technology by 0.5% during the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after purchasing an additional 209 shares in the last quarter. Northwest Bank & Trust Co lifted its stake in shares of Microchip Technology by 3.0% in the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after purchasing an additional 217 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Microchip Technology by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock worth $2,238,000 after purchasing an additional 230 shares during the period. Greenleaf Trust raised its position in shares of Microchip Technology by 1.0% during the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock worth $1,207,000 after acquiring an additional 242 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Microchip Technology by 3.4% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after buying an additional 276 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on MCHP shares. B. Riley lifted their target price on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. UBS Group raised their price objective on Microchip Technology from $65.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. TD Cowen boosted their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Mizuho raised their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, The Goldman Sachs Group began coverage on shares of Microchip Technology in a report on Thursday, July 10th. They issued a "buy" rating and a $88.00 price target for the company. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $74.42.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $1.38 during mid-day trading on Wednesday, hitting $65.75. The company had a trading volume of 2,786,829 shares, compared to its average volume of 10,444,482. The firm's 50 day simple moving average is $69.22 and its two-hundred day simple moving average is $57.96. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The stock has a market cap of $35.48 billion, a price-to-earnings ratio of -6,581.70, a PEG ratio of 1.92 and a beta of 1.55. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $82.87.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. During the same period last year, the company posted $0.57 earnings per share. The firm's quarterly revenue was down 26.8% compared to the same quarter last year. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Microchip Technology Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.